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- Given the following information Price of burger(Pb)=P50 Price of spaghetti (Ps)= P75 MU of burger(MUb)=180 utils MU of spaghetti(MUs)= 225 utils Required: A. Compute for the consumers equilibrium B. What is the decision of the consumers ? Will he buy burger or spaghetti ? Justify your answr.isnt there only one unique outcome of iterated elimination?The dung beetle gets utility from consuming mud balls which are made out of mud and dung. Both inputs are measured in grams and perfectly divisible. Its utility from balls which contain m grams of mud and d grams of dung is u(m, d) = md. For reasons to do with the structural integrity of the balls, however, it cannot combine the two ingredients in very different quantities. The ratio of mud and dung it uses must fall between 1 : 2 and 2 : 1. Excess amounts of either ingredient are discarded at no cost to the dung beetle. (a) How much utility does the beetle get from the following bundles of mud and dung, (m, d)? i. (2,16). ii. (4,8). iii. (4,16). iv. (6,16/3). (b) Draw an indifference curve between mud and dung that represent the preferences of the dung beetle and gives the beetle a utility level of 32.
- Sales are the function of advertising in The Dawn and Diva Magazine (X, Y). S = XY2 If the price of advertising in The Dawn and Diva Magazine is Rs.5 and Rs.10 respectively. The total budget for advertising is Rs.105. For maximizing the sales of Dawn and Diva Magazine find out the best combination of advertisement in newspapers and magazines by using Lagrangian multiplier.The movie theater in Glendon has two types of customers: domestic students (group 1) and international students (group 2). At a price of p, cents, the number of movie tickets that domestic students are willing to buy per year is given by: q₁-170-0.7p₁. At a price of p₂ cents, the number of movie tickets that international students are willing to buy per year is given by: q₂-87-0.3p2. The total costs for the movie theater depend on the total number of tickets sold, 9₁+92, and are given by the following total cost function C(q₁+q₂)=(9₁ +9₂) ². Suppose that the movie theater can identify which students are domestic and which students are international, and students are unable to resell movie tickets to each other. This enables the theater to charge different prices to domestic vs international students. How do the cinema's profits change with this new pricing strategy? In other words, how much are the profits with uniform pricing, minus the profits with differentiated pricing?Satiation preference is monotonic. True or False, why?
- The demand for commodity X is represented by the equation P = 22 -0.2Q and supply by the equation P = 8 + 0.2Q. The equilibrium quantity is Multiple Choice 58. 35. 29. 22.Suppose you find that MU1(X1Xx2)=2x2 and MU₂(x1+x₂)=2x1. What is the rate at which the consumer is willing to trade good 2 for good 1 at bundle (2,4)? (Note: enter a positive number, i.e. enter the quantity of good 2 that the consumer is willing to give up for an additional-marginal-unit of good 1.) Question 20 Suppose you find that the expressions of the marginal utilities for a consumer are given by MU1 (1,2)= 2 and MU₂ (1,2)= 7. Then you can conclude that: This consumer has Cobb-Douglas tastes For this consumer good 1 and good 2 are perfect complements For this consumer good 1 and good 2 are perfect substitutes None of the above Question 21 Suppose a consumer is always willing to give up 5 units of good 2 for an additional unit of good 1. For this consumer: Good 1 and good 2 are perfect complements Good 1 and good 2 are perfect substitutes Good 1 and good 2 are both essential goods None of the aboveMarbella has 101 residents. All wear the same fancy clothes and each has the same utility function, u(m, b, B) = m + 14b − b2 − B/50, where m is the amount of macaroni (in kilograms) that he or she eats per day, b is the number of hours that he or she spends on the beach per day, and B is the total number of person-hours spent per day on the beach by other residents of Marbella. Each has an income of $10 per day and macaroni costs $1 per kilogram. The city council is considering a law that would limit the amount of time that any person can spend on the beach. How many hours per day should they allow in order to maximize the utility of a typical Marbellite? A. 6 B. 9 C. 7 D. 10 E. They could not possibly be made better off by legislation that limits their freedom to choose.
- Hand written solutions are strictly prohibited1Next Friday, you plan to sell cakes at a bake sale to raise money for your school. You plan to charge $30 per cake, and you anticipate that you will sell 10 cakes. You can either purchase cakes to sell or bake them yourself. If you purchase the cakes, they will cost $25 each. If you bake your own cakes, your cost depends upon the number of cakes you bake, as shown in the table below. Number of cakes you bake Total cost of baked cakes ($) 0 0 1 10 2 22 3 36 4 52 5 70 6 90 7 112 8 136 9 162 10 190 a) How many cakes should you bake? How many cakes should you purchase? Bake ___ cake(s) and purchase ___ cake(s). b) Given your answer to part a, how much in total will the 10 cakes cost you? $ c) How much would it have cost you to bake all 10 cakes? $ d) How much would it have cost you to purchase all 10 cakes? $
